J D M
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-12-2025 PDF all 25 filings
Turnover
≈ €410,000
Estimated: probably between €320,000 and €740,000
EBIT margin
Not included in this filing
Net result
-€112,286
2024 · €15,382
Working capital
-€83,372
2024 · €150,837
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€98,199
2025
20192025
Net result
-€112,286
2025
lowest quarter of the sector
20192025
Equity
€138,358
▼ 44.8%
2025
lowest quarter of the sector
20192025
Total assets
€868,199
▼ 36.7%
2025
middle half of the sector
20192025
Debt
€729,841
▼ 34.8%
2025
20192025
Working capital
-€83,372
2025
middle half of the sector
20192025
Solvency
15.9%
▼ 2.4pp
2025
lowest quarter of the sector
20192025
Current ratio
0.83
▼ 0.33
2025
middle half of the sector
20192025
Return on assets (ROA)
-12.9%
▼ 14.1pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
4.8
▼ 17.2%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.07m-€0.09m▲ 16.0%€0.2m▲ 89.7%€0.3m▲ 54.5%€0.02m▼ 92.2%€0.04m▲ 85.8%-€0.1m
Net result€0.06m-€0.06mabove the sector's middle half▼ 3.3%€0.1mabove the sector's middle half▲ 99.2%€0.2mabove the sector's middle half▲ 51.3%€0.01mwithin the sector's middle half▼ 92.8%€0.02mwithin the sector's middle half▲ 15.1%-€0.1mbelow the sector's middle half
Equity€0.1m-€0.2mwithin the sector's middle half▲ 44.1%€0.3mabove the sector's middle half▲ 60.9%€0.2mwithin the sector's middle half▼ 32.4%€0.2mwithin the sector's middle half▲ 6.1%€0.3mwithin the sector's middle half▲ 8.1%€0.1mbelow the sector's middle half▼ 44.8%
Total assets€0.2m-€0.3mwithin the sector's middle half▲ 56.6%€0.5mwithin the sector's middle half▲ 45.9%€1.2mabove the sector's middle half▲ 172%€1.3mwithin the sector's middle half▲ 8.5%€1.4mwithin the sector's middle half▲ 2.1%€0.9mwithin the sector's middle half▼ 36.7%
Debt€0.05m-€0.1m▲ 131%€0.1m▲ 18.8%€1.0m▲ 672%€1.1m▲ 9.0%€1.1m▲ 0.9%€0.7m▼ 34.8%
Working capital€0.1m-€0.2mabove the sector's middle half▲ 41.8%€0.3mabove the sector's middle half▲ 69.8%€0.2mabove the sector's middle half▼ 43.0%€0.3mwithin the sector's middle half▲ 50.6%€0.2mwithin the sector's middle half▼ 43.4%-€0.08mwithin the sector's middle half
Solvency70.0%-64.4%within the sector's middle half▼ 5.6pp71.0%within the sector's middle half▲ 6.6pp17.7%below the sector's middle half▼ 53.4pp17.3%below the sector's middle half▼ 0.4pp18.3%below the sector's middle half▲ 1.0pp15.9%below the sector's middle half▼ 2.4pp
Current ratio3.67-2.64within the sector's middle half▼ 1.033.35within the sector's middle half▲ 0.711.19within the sector's middle half▼ 2.161.30within the sector's middle half▲ 0.111.16within the sector's middle half▼ 0.130.83within the sector's middle half▼ 0.33
Return on assets (ROA)31.9%-19.7%within the sector's middle half▼ 12.2pp26.9%above the sector's middle half▲ 7.2pp15.0%within the sector's middle half▼ 11.9pp1.0%within the sector's middle half▼ 14.0pp1.1%within the sector's middle half▲ 0.1pp-12.9%below the sector's middle half▼ 14.1pp
Staff (FTE)2.24.3within the sector's middle half▲ 95.5%5.8within the sector's middle half▲ 34.9%4.8within the sector's middle half▼ 17.2%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €98,199, after a profit of €36,462 in 2024. It is the lowest result since 2019.
Large changes and their cause
- 2023 Net result -93% on 2022. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €868,199
Fixed assets
€463,090 ▲ 55.5%
Current assets
€405,109 ▼ 62.2%
Equity and liabilities €868,199
Equity
€138,358 ▼ 44.8%
Debt
€729,841 ▼ 34.8%
Debt's share of the balance-sheet total rises from 81.7% to 84.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,573▼
2024 · €115,476
Cash flow
€11,485▼
2024 · €94,396
Debt to equity
5.28▲
2024 · 4.47
ROE
-81.2%▼
2024 · 6.1%
Interest coverage
1.51▼
2024 · 8.97
Debt ≤ 1 year
€488,481▼
2024 · €922,023
Debt > 1 year
€241,259▲
2024 · €197,954
Staff costs
€225,775▼
2024 · €273,636
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 6 | 6 | 6 |
| full-time | 4 | 6 | 6 | 6 |
| in full-time equivalents | 2.2 | 6 | 6 | 6 |
| Average over the year, in full-time equivalents | 2.2 | 4.3 | 5.8 | 4.8 |
| On a permanent contract | 4 | 5 | 6 | 6 |
| Joined | 6 | 6 | 12 | 33 |
| Left | 2 | 4 | 11 | 33 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €139,900 | €95,000 | €203,230 | €289,100 |
| Financial fixed assets | €120 | - | - | - |
| Depreciation and write-downs of the year | €14,423 | €39,508 | €79,013 | €123,771 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €137,558 | €246,336 | €273,636 | €225,775 | ▼ 17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,236 | €5,490 | €5,081 | €14,423 | €39,508 | €79,013 | €123,771 | ▲ 56.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€3,628 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €9,286 | €7,196 | €10,677 | €16,796 | ▲ 57.3% |
| Gross operating margin9900 | €81,978 | €105,598 | €172,135 | €409,747 | €312,665 | €399,789 | €268,143 | ▼ 32.9% |
| Operating profit (loss)9901 | €74,143 | €86,026 | €163,173 | €252,107 | €19,626 | €36,462 | -€98,199 | - |
| Financial income75/76B | - | - | - | €51 | €3,519 | €3,405 | €2,841 | ▼ 16.6% |
| Recurring financial income75 | €391 | €3,665 | €4,661 | €51 | €3,519 | €3,405 | €2,841 | ▼ 16.6% |
| Financial charges65/66B | - | - | - | €618 | €4,190 | €12,873 | €16,928 | ▲ 31.5% |
| Recurring financial charges65 | €38 | €32 | €49 | €618 | €4,190 | €12,873 | €16,928 | ▲ 31.5% |
| Profit (loss) for the period before taxes9903 | €74,497 | €89,659 | €167,786 | €251,540 | €18,955 | €26,994 | -€112,286 | - |
| Income taxes67/77 | €10,974 | €28,209 | €45,408 | €66,344 | €5,594 | €11,612 | - | - |
| Profit (loss) for the period9904 | €63,523 | €61,450 | €122,378 | €185,196 | €13,360 | €15,382 | -€112,286 | - |
| Profit (loss) for the period to be appropriated9905 | €63,523 | €61,450 | €122,378 | €185,196 | €13,360 | €15,382 | -€112,286 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.2m | €0.3m | €0.5m | €1.2m | €1.3m | €1.4m | €0.9m | ▼ 36.7% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.01m | €0.1m | €0.2m | €0.3m | €0.5m | ▲ 55.5% |
| Tangible fixed assets22/27 | €0.02m | €0.02m | €0.01m | €0.1m | €0.2m | €0.3m | €0.5m | ▲ 55.5% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.3m | €0.5m | ▲ 55.5% |
| Financial fixed assets28 | - | - | - | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €1.1m | €1.2m | €1.1m | €0.4m | ▼ 62.2% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €1.0m | €1.0m | €1.1m | €0.4m | ▼ 65.8% |
| Trade receivables40 | - | - | - | €0.7m | €1.0m | €1.0m | €0.3m | ▼ 69.3% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.04m | €0.04m | €0.05m | ▲ 33.4% |
| Cash at bank and in hand54/58 | €0.02m | €0.1m | €0.2m | €0.1m | €0.1m | €0.002m | €0.03m | ▲ 20× |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.004m | €0.01m | €0.009m | ▼ 23.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.2m | €0.3m | €0.5m | €1.2m | €1.3m | €1.4m | €0.9m | ▼ 36.7% |
| Equity10/15 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.1m | ▼ 44.8% |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.008m | €0.008m | €0.008m | = |
| Reserves13 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | - | - | - | - | €0.01m | €0.03m | -€0.08m | - |
| Provisions and deferred taxes16 | €0.01m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.05m | €0.1m | €0.1m | €1.0m | €1.1m | €1.1m | €0.7m | ▼ 34.8% |
| Amounts payable after more than one year17 | - | - | - | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 21.9% |
| Financial debts170/4 | - | - | - | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 21.9% |
| Amounts payable within one year42/48 | €0.05m | €0.1m | €0.1m | €0.9m | €0.9m | €0.9m | €0.5m | ▼ 47.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.1m | €0.1m | €0.2m | ▲ 32.2% |
| Trade debts44 | €0.05m | €0.1m | €0.1m | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 63.6% |
| Suppliers440/4 | - | - | - | €0.5m | €0.7m | €0.7m | €0.3m | ▼ 63.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 19.1% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.03m | €0.04m | ▲ 41.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.001m | ▼ 96.0% |
| Other amounts payable47/48 | - | - | - | €0.3m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €100 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,523 | €61,450 | €122,378 | €185,196 | €13,360 | €15,382 | -€112,286 | - |
| + Depreciation and write-downs630 | €6,236 | €5,490 | €5,081 | €14,423 | €39,508 | €79,013 | €123,771 | ▲ 56.6% |
| Operating cash flow (approximation) | €69,758 | €66,940 | €127,459 | €199,619 | €52,869 | €94,396 | €11,485 | ▼ 87.8% |
| Investment in fixed assets (approximation) | - | -€1,537 | €0 | -€126,664 | -€87,456 | -€203,230 | -€289,100 | ▼ 42.3% |
| Change in cash | - | €113,747 | €88,708 | -€75,384 | -€11,166 | -€134,751 | €32,425 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,221 companies had the same profile as J D M has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of J D M itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,221 companies, not a prediction for J D M. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 15-12-2025 | 2025-00581676 | |
| 30-06-2024 | full format | 07-01-2025 | 2025-00000913 | |
| 30-06-2023 | full format | 15-12-2023 | 2023-00528673 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00017303 | |
| 30-06-2021 | micro format | 29-01-2022 | 2022-03700480 | |
| 30-06-2020 | micro format | 27-01-2021 | 2021-02000496 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-04300219 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04700031 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04300473 | |
| 30-06-2016 | full format | 31-01-2017 | 2017-04000313 |